SpaceX has held onto Bitcoin for years without explaining why to public market investors. That is about to change.
Bloomberg reported late Friday that Elon Musk’s rocket and satellite company is aiming to file a secret IPO with the SEC as early as March, and is on track for its biggest public offering in history in June. The company is expected to raise up to $50 billion, aiming for a valuation of more than $1.75 trillion, surpassing Saudi Aramco’s 2019 record of $29 billion.
8,285 Bitcoins will be buried in that file.
Arkham Intelligence data shows that approximately $544.8 million was stored in wallets identified by SpaceX. $BTC As of Saturday morning, it has spread to 43 addresses under Coinbase Prime’s control.
The balance remains almost stable at around 8,300. $BTC Since at least the beginning of 2026, the value of the dollar has been moving sharply in the wrong direction. When CoinDesk reported on its holdings in December ahead of its planned listing, the same stack was worth about $780 million at Bitcoin’s then-current price of around $92,500.
By early February, when the SpaceX and xAI merger brought the position back into the spotlight, Bitcoin was close to $78,000, and Bitcoin had fallen to around $650 million.
It is currently valued at approximately $545 million. This means that if SpaceX had not touched a single coin, it would have lost $235 million in value in three months.
This means that SpaceX’s S-1 could result in Bitcoin-related paper losses. $BTC Future quarterly earnings will be subject to volatility regardless of whether the company buys or sells.
Tesla example
Tesla provides the closest precedent, but it’s not reassuring.
Musk’s automaker has posted hundreds of millions of dollars in paper losses in past drawdowns, despite never changing its position, and has repeatedly faced headline risks that cloud its underlying business. SpaceX could soon find itself in a similar situation, except its first disclosure comes during Bitcoin’s sharpest correction in years, rather than during its upswing.
However, it’s worth noting that Tesla reported total revenue of $94.8 billion and gross profit of $17 billion in 2025. So having a multi-million Bitcoin paper loss on its balance sheet might not make much of a difference for Elon Musk’s company.
space x $BTC The portfolio peaked at nearly $2 billion at the end of 2021, but crashed into 2022, and has fluctuated between $400 million and $800 million over the past two years.
As such, SpaceX has no intention of changing its position. Unlike Tesla, which sold and bought back Bitcoin, Arcam’s data suggests that SpaceX simply held on through the entire cycle.
